RoW Update
telecom | 10/07/2002 4:00 am EDT
Nortel continues to struggle; reorganizes againBrampton ON-based Nortel Networks Corp. has sold portions of its optical components business as the company continues to struggle against the ongoing telecom doldrums. Nortel announced today that it has agreed to sell certain assets of this operating unit to UK-based Bookham Technology plc for US$108 million in common shares, debt, warrants and cash. "This transaction is an important step in our path to profitability and our strategy to focus on the delivery of high performance, cost-effective optical network solutions for our customers," Nortel’s optical networks president Brian McFadden said in a news release. While the equipment manufacturer is unloading key optical technology, it continues to tout the benefits of its wireless strategy. In an address to analysts last week, Pascal Debon, president of Nortel’s wireless networks division, highlighted the company’s strategy for delivering a converged network architecture. The telecommunications equipment maker’s strategy is
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